[Form 4] BLACKROCK CA MUNICIPAL INC TR Insider Trading Activity

Rhea-AI Filing Summary

Saba Capital Management, L.P. and Boaz Weinstein reported insider sales of BlackRock California Municipal Income Trust (BFZ) common stock on 09/04/2025 and 09/05/2025. On 09/04/2025 a sale of 18,965 shares at $10.46 was reported, leaving 3,591,901 shares beneficially owned (indirect). On 09/05/2025 a sale of 348,451 shares at $10.57 was reported, leaving 3,243,450 shares beneficially owned (indirect).

The Form 4 shows the reporting persons as Saba Capital Management, L.P. and Boaz Weinstein and indicates the filings were signed on 09/08/2025. The transactions are non-derivative sales; no derivative transactions are reported.

Positive

• None.

Negative

• Insider sales: Total reported sales of 367,416 shares (18,965 on 09/04/2025 at $10.46 and 348,451 on 09/05/2025 at $10.57).
• Reduced beneficial ownership: Indirect holdings decreased from prior levels to 3,243,450 shares following the 09/05/2025 sale.

Insights

Corporate Governance Expert

TL;DR: Significant insider selling reported over two days, reducing indirect holdings by 367,416 shares.

The filing documents two non-derivative sales by Saba Capital Management, L.P. and Boaz Weinstein on 09/04/2025 and 09/05/2025. The first sale of 18,965 shares at $10.46 left 3,591,901 shares beneficially owned; the second sale of 348,451 shares at $10.57 left 3,243,450 shares beneficially owned. The report is signed 09/08/2025. From a governance perspective, disclosure is complete for the reported transactions; the filing shows indirect ownership and does not include any derivative activity.

Securities Analyst

TL;DR: Two reported sales totaling 367,416 shares at prices of $10.46 and $10.57 were executed on consecutive days.

Table I lists non-derivative sales: 18,965 shares on 09/04/2025 at $10.46 and 348,451 shares on 09/05/2025 at $10.57. Beneficial ownership after the last reported sale is 3,243,450 shares (indirect). The filing contains no earnings, contracts, or derivative transactions. For investors, the material fact is the size and timing of these disclosed sales; all data presented here is taken directly from the Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/04/2025		S		18,965	D	$10.46	3,591,901	I	-
Common Stock	09/05/2025		S		348,451	D	$10.57	3,243,450	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/08/2025
	Boaz Weinstein	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions were reported for BFZ on this Form 4?

Two non-derivative sales were reported: 18,965 shares on 09/04/2025 at $10.46 and 348,451 shares on 09/05/2025 at $10.57.

Who filed the Form 4 for BFZ?

Saba Capital Management, L.P. and individual reporting person Boaz Weinstein signed the filing.

How many BFZ shares are beneficially owned after the reported transactions?

3,243,450 shares (indirect) are reported as beneficially owned following the 09/05/2025 sale.

Were any derivative securities reported on this Form 4 for BFZ?

No. Table II shows no derivative securities; only non-derivative common stock sales are reported.

On what dates did the reported BFZ transactions occur?

09/04/2025 and 09/05/2025, with the Form 4 signed on 09/08/2025.